Thursday, 3 December 2015
Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015; In Committee
This ensures that we get those companies with a turnover of over $1 billion to publish detailed financial accounts. I have to say it is hugely disappointing to hear that the Labor Party are going to vote against an amendment which ensures that there is transparency around the financial accounts of those huge multinational companies. We have an opportunity here to support an amendment to the government's legislation that ensures that those companies with a billion dollar turnover publish detailed financial accounts.
So just to explain: at the moment, you can apply to the tax office to publish what is called a special purpose account. In simple terms, you do not have to outline your financial affairs in any detail. This amendment ensures that those huge multinational companies now have to file detailed accounts. They have to justify why they are paying so little tax. I am flabbergasted that we are now hearing from the Labor Party that they will not support that amendment. We are not talking about mum and dad who have the local milk bar; we are talking about companies like News Limited. Who would have thought that we would have an amendment that says to News Limited—